客户关系影响企业营运资金融资决策吗?——基于资金周转中介效应的实证分析

Does Customer Relationship Affect Corporate Working Capital Financing Decisions? ——An Empirical Analysis Based on the Mediating Effect of Capital Turnover

本文通过引入资金周转绩效作为中介变量,对客户关系如何影响营运资金融资结构展开深入研究。实证检验发现:客户集中度越高,企业越倾向于选择稳健的营运资金融资结构,资金周转绩效在其中发挥了中介效应;资产专用性则对上述影响路径起到调节作用。进一步研究显示,客户财务状况较差或者影响力较大时,会引起企业资金周转绩效进一步降低,进而导致营运资金决策更为稳健。

By introducing the capital turnover performance as a mediator variable,this article studies how the customer relationship affects the working capital financing structure.The study finds that the higher the concentration of customers,the more enterprises tend to choose a stable working capital financing structure,and the capital turnover performance plays a mediating effect.Besides,asset specificity plays a mediating role in regulating the above-mentioned influence path.Further research finds that poor financial status of customers will lead to further reduction of corporate capital turnover performance,which will result in more stable working capital decisions.